The augmentation of digitalization might have left you to notice that no milkmen or newspaper boys are wandering around the neighborhood nowadays. However, this does not mean that subscription delivery services do not exist anymore. An increasing number of consumers are shifting towards signing up for various services online.
As a result, more and more online businesses have been opting for subscription delivery services to sell their products and services. The trendy subscription e-commerce model would also require subscription payments for consistent cash flow.
Brands like Netflix and Spotify have been growing at an increasing rate every year. In case you are one of those businesses, you are aware of the importance of providing your customers with a secure payment mode. In this article, we will give you a comprehensive list of the best subscription payment platforms in India.
What are Subscription Payments?
Subscription payments or recurring payments are a type of transaction that provides merchants with a chance to process authorizations. Subscription payments are the services that tend to charge the customers on a monthly, quarterly, or annual basis till the time the customer withdraws or cancels the subscription.
5 Best Subscription Payment Platforms in India
Creating subscription payments is now possible with UPI. UPI AutoPay lets merchants choose debit cards for users, which is not just beneficial for existing e-commerce but also provides a wider market. It lets businesses look into new revenue streams by integrating the possibility of UPI autopay.
Enable subscription payments, control the billing cycle and get immediate alerts on subscription activity with Razorpay Subscriptions. All you must do is link a plan to the customer, and the rest will be handled by Razorpay.
CC Avenue lets you move beyond the conventional billing and invoices, which leads to an uncomplicated subscription payments service that is easy to use. Moreover, you can also build a custom subscription plan to meet your requirements, which helps provide prompt transactions.
Paytm can help your business provide the option of a fixed payment first and then set up a fixed as well as variable fee based on the usage. Businesses can use it to reach consumers willing to try the platform before committing to it. The variable cost can help your business retain a consumer longer as they only need to make payments according to their usage.
LotusPay is the subscription payments solution for e-commerce businesses in India. They enable merchants to seamlessly collect payments directly from their user’s bank accounts through NACH Debit. It is a suitable platform for collecting membership fees, loan repayments, tuition fees, donations, etc., I.e., any kind of recurring payments, be it fixed or variable amounts.
Cash-free is also one of the popular payment gateways that allow businesses to avail the subscription payments infrastructure. It is a comprehensive solution for businesses operating in India. It accepts all major payment modes and is available to businesses of all shapes and sizes.
Benefits of Subscription Payments
Makes Cash Flow Predictable
Since subscription payments are consistent like clockwork and guarantee that you will be paid in time, calculating your income becomes easy because you are aware of what you are going to receive. This information can prove to help forecast future earnings and growth as well.
Eliminates Late or Missed Payments
As a merchant, you don’t have to chase down your customers to get those late payments, which means you can focus on other important tasks that can help improve your business.
Improves Customer Relationship
Another advantage is that you do not have to have those awkward conversations with your customers to make their payments in due course, which eventually helps build relationships with the consumers.
The time and cost of all those resources and manpower that you spend generating manpower every week can be saved. With subscription payments, you can send out bills and receive the payments without even lifting a finger.
Subscription payments help secure the transactional details of your customers and reduce the circulation and duplication of sensitive information.
This article must have made it clear that subscription payments are an essential tool when it comes to managing the monthly, quarterly, or annual payments from your products and services. However, it is equally important to finding one that is best suited for your business. Out of a vast world of subscription payments services, we hope that this article was of some help in finding out the best fit for you.
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